What is VAT (Value Added Tax) in brief ?

What is VAT (Value Added Tax) in brief ?
Rate, Calculation, Date of monthly payment, Date of Return, Interest on late payment, Penalty on late return.
Also what is cenvat ?

Questions by mrvishalthegreat

Showing Answers 1 - 4 of 4 Answers


  • Jul 30th, 2014

Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the State, for consideration, to their customers. Generally, each such trader in the chain of supply from manufacturer through to retailer charges VAT on his or her sales and is entitled to deduct from this amount the VAT paid on his or her purchases.
Vat Charges - 12.5 % or 5%


  • Feb 15th, 2015

A type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. The amount of value-added tax that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed.

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  • Feb 26th, 2015

TDS means tax deduction at source,there are different types of TDS rates are available on the basis of different services under different sections.like professional service salaries.TDS is deducted from basic salaries.there is a slab for minimum charges.

mirza aaftab aalam

  • Mar 12th, 2015


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